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Ind. Code § 26-1-12.5-303

Security interest enforceable but unperfected on June 30, 2023; conditions and time frame for continued enforceability; conditions and effective date for perfection

Known as the Transitional Provisions for Uniform Commercial Code

The act spans §§ 26-1-12.5-101 to 26-1-12.5-306 (9 sections).

As added by P.L.199-2023, SEC.91.

Sec. 303. A security interest that is enforceable on June 30, 2023, but is unperfected on June 30, 2023:

(1) remains an enforceable security interest until the adjustment date;

(2) remains enforceable on or after the adjustment date if the security interest becomes enforceable under IC 26-1-9.1-203, as amended by the act, on July 1, 2023, or before the adjustment date; and

(3) becomes perfected;

(A) without further action on July 1, 2023, if the requirements for perfection under the act are satisfied before or on July 1, 2023; or

(B) when the requirements for perfection under the act are satisfied if the requirements are satisfied after July 1, 2023.

Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.